Spreadex Market Update
European markets shrink losses but remain cast adrift in a sea of red
The FTSE has been helped by Brent Crude’s latest rebound, the commodity crawling back above the $30 per barrel mark it had abandoned during the tail end of the Asian session. A subsequent recovery in large swathes of the oil and mining sectors has seen the UK index shrink its losses from around 1.5% at the start of the day to a less worrisome 0.7% drop. That does mean, however, that the FTSE still has nearly lost all of the gains it made last Friday, and is in danger of matching the lows hit last week if this current losing trend continues across the next few days.
The Eurozone was in a similar situation to the FTSE this Tuesday; in the red, but a less violent shade of red than initially appeared in the early hours of this morning’s trading. Both the DAX and CAC are down by roughly 0.5%, around 1% less than their nadir just after the bell.
The European indices will be hoping that at the US open can see those splashes of red finally shift in the green, the Dow Jones futures outperforming the FTSE, DAX and CAC with its 0.2% decline. The chances of an improvement this afternoon will likely be down to the state of the day’s US data; the flash services PMI is expected at 53.9 (from the already upwardly-revised 54.3 last month), whilst the CB consumer confidence figure is forecast at 96.6 (slightly higher than the 96.5 seen in December).
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